Business Intelligence or BI is about analyzing an organization’s data and taking action based on the
results derived through analysis. Data driven decision making help organizations succeed, there by
leading them to sustained growth. Hence organizations should gather data, sift through it, mine and
analyze it, gather insights and then embed those insights into their operations. Data mining helps
organizations derive value, insights and develop strategic competitive advantage.
Business intelligence helps us make better decisions. Business decisions are taken after calculating
the risks involved, and also on the basis of facts involved and insights derived. Business decisions fall
under categories of strategic decisions and operational decisions.
BI can help
a. What if analysis of many possible scenarios.
b. Create new ideas based on new patterns found from data mining.
c. Can help automate operations level decision making
BI tools includes
a. Data warehousing
b. Online analytical processing
c. Social media analysis
d. Reporting
e. Dashboards
f. Querying
g. Data mining.
A data scientist makes use of his skill levels to engage with the data and make it yield new useful
insights.
BI applications are there in
- Customer Relationship Management
- Healthcare and Wellness
- Education
- Retail
- Banking, Financial services and insurance
- Manufacturing
- Telecom
